There are some good reward night discounts here if the hotels work with your plans. InterContinental Madrid for 10,000 points (75% off) is one example of a good deal reward stay. This hotel can also be booked for 5,000 points + $40 per night when the published rate is 136 EUR or $186 USD per night. 5,000 points saves $146 per night and that is nearly $30 per 1,000 points redemption value.

Looking over the hotel reward discount rates, I realize that there are some good opportunities to conserve even more points with Points & Cash rates. For example Crowne Plaza Charlotte, NC is 7,500 points per night at 75% off for a hotel with $179 BAR rate. Yet, the Points & Cash reward night is only 2,500 points + $40.

Hotel Indigo London Paddington shows 45,000 points when I checked reward nights on several dates. There were a couple of other hotels where I did not see discount reward nights available.